Bloomberg Snapdeal rejected an acquisition bid from rival Flipkart Online Services Pvt, saying it will compete alone in India’s e-commerce market. Snapdeal, which said it will sell off some non-core assets, is set to post a gross profit this month, the startup said in an emailed statement on Monday. SoftBank Group Corp., which has almost a third of Snapdeal shares, …
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DUBAI / Emirates Business GCC visitors have helped to drive record visitor numbers to Ireland according to Tourism Ireland, the organisation responsible for promoting the island of Ireland overseas as a leading holiday destination. GCC countries are an important developing market for Ireland, contributing to a 20.6% rise in its segment for the period January to June this year. Overall, …
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Bloomberg Air Baltic Corp., the Latvian carrier that’s gone from near collapse to launch customer for Bombardier Inc.’s largest C Series jetliner, aims to secure a strategic investor as soon as the end of this year after attracting a global lineup of potential bidders. Lazard Ltd., which is managing the sale, has drawn up a shortlist including other airlines as …
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DUBAI / Reuters Saudi Arabia hired Goldman Sachs to manage the sale of a stake in Riyadh airport, the first major privatisation of an airport in the kingdom, three sources familiar with the matter said. The Saudi Civil Aviation Holding plans to sell a minority stake in Riyadh’s King Khalid International Airport, the sources said, without providing a timeframe for …
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Bloomberg Chinese e-commerce giant Alibaba Group Holding Ltd. and its Indian associate Paytm E-commerce Pvt are in talks to invest about $200 million for a stake of roughly 20 percent in India’s leading online grocer, Bigbasket, according to a person with direct knowledge of the negotiations. Alibaba and Paytm are in a 60-day exclusive pact with Bigbasket and are conducting …
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Emirates Business LG Electronics revolutionized the vacuum cleaner industry 16 years ago with the commercialization of one of the world’s first robotic vacuum cleaners. LG engineers took advantage of the head start and years of home appliance robotics experience to develop this year’s HOM-BOT Turbo+, which was just recognized by Seoul National University (SNU) Robotics & Intelligent Systems Lab, the …
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Ajman / Emirates Business City Centre Ajman is set to become bigger and better with new restaurants boasting al fresco dining, cafes, stylish retail outlets and value stores. The mall, which is owned and operated by Majid Al Futtaim – the leading shopping mall, retail and leisure pioneer across the Middle East and North Africa – is undergoing a comprehensive …
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DUBAI / Reuters Dubai Aerospace Enterprise (DAE) has priced $2.3 billion in senior bonds split across three tranches, the company said on Sunday. DAE priced $500 million of 4 percent notes due in 2020, $800 million 4.5 percent bonds due in 2022 and $1 billion 5 percent bonds due in 2024, according to a company statement. DAE, the aircraft leasing …
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Bloomberg Louis Vuitton launched an e-commerce service in China, seeking to capitalize on a rebound in the world’s largest luxury-goods market, where online sales have been dominated by local Internet giants. The site will let customers buy Louis Vuitton leather goods, shoes, accessories, watches, jewelry, luggage and perfume, the LVMH-owned brand said in a statement Friday. The site will cover …
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Bloomberg Electrolux AB raised its outlook for growth in North America as second-quarter profit beat estimates and Europe’s biggest maker of household appliances sold more air conditioners to US customers. Demand for appliances in the Stockholm-based company’s biggest market is expected to grow by 3 percent to 4 percent this year, Electrolux said in a statement on Wednesday. That compared …
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